# Bilateral Capital Flow Adjustment Within EMU

| Test | Dep. Var | dZ_1 |  | N | Pairs | R² |
|---|---|---|---|---|---|---|
| signed_dZ | log_portfolio_total | -6.262** | (3.135) | 6916 | 341 | 0.541 |
| signed_dZ | log_portfolio_debt | -8.775*** | (2.845) | 6612 | 340 | 0.579 |
| signed_dZ | log_portfolio_equity | -4.292 | (4.244) | 5853 | 322 | 0.313 |
| signed_dZ | log_fdi_outward | -1.392 | (3.399) | 4505 | 337 | 0.349 |
| abs_dZ | log_portfolio_total | 1.783* | (1.025) | 6916 | 341 | 0.544 |
| abs_dZ | log_portfolio_debt | 1.629 | (0.991) | 6612 | 340 | 0.579 |
| abs_dZ | log_portfolio_equity | 0.616 | (1.251) | 5853 | 322 | 0.323 |
| abs_dZ | log_fdi_outward | 0.278 | (0.941) | 4505 | 337 | 0.373 |
| oecd_comparison | log_portfolio_total | -10.548*** | (3.962) | 8100 | 408 | 0.543 |
| oecd_comparison | log_portfolio_debt | -4.669 | (4.018) | 6958 | 391 | 0.461 |
| oecd_comparison | log_portfolio_equity | -12.951*** | (4.509) | 7287 | 393 | 0.496 |
| oecd_comparison | log_fdi_outward | -1.251 | (3.714) | 4514 | 348 | 0.493 |

*Notes: PanelGLS with pair and year FE. dZ = reporter Z minus partner Z. Controls: log distance, log GDP product, contiguity, common language.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*
